Responsive. Diligent. Effective.

What to consider when looking for a commercial property

On Behalf of | Jan 14, 2020 | Real Estate Law

There are many issues that New York residents and others should take into account when looking for a commercial property to rent. Perhaps the most important issue to consider is where a property is located. Ideally, retail store or other commercial space should be located in a safe area and one that is easy for customers and others to locate. It is also a good idea to ensure that there is plenty of parking available.

Business owners will want to make sure that the building is located in an area where the company can legally operate. Ideally, tenants will review all relevant ordinances prior to signing a lease. The building that a company rents may not be ready to use in its current condition. If a space does need to be altered to meet an organization’s needs, be sure to know ahead of time who will be responsible for paying for necessary upgrades.

It is important to know that there is no such thing as a standard commercial lease. Instead, it is up to a tenant to negotiate a deal that meets his or her needs. A typical lease will stipulate how long the deal is good for, what the monthly rent payment will be and how the property may be used by the tenant.

The process of renting commercial real estate is often different than the process of renting residential properties. This is partially because there are fewer legal protections granted to commercial tenants. It is also because commercial properties are used differently than residential properties. Those who have questions about negotiating or signing a commercial lease might want to speak with an attorney before it takes effect. An attorney may be able to provide negotiating tips or negotiate directly on a potential tenant’s behalf.